We investigate shareholders' reactions to the increased transparency of corporate tax haven activities in a hand-collected subsidiary data set covering 17,331 publicly listed firms in 52 countries. An increase in transparency through the staggered signing of bilateral tax information exchange...

In this paper, we study shareholder views on corporate political contributions. We find that, with shareholders’ explicit approval, firms are more likely to have higher corporate political contribution, measured by the amount of donations to the US political parties in the next election cycle....

We examine whether engagement on environmental, social and governance (ESG) issues can benefit shareholders by reducing firms' downside risk, measured using the lower partial moment and value at risk. Using a proprietary database, we provide evidence supporting this hypothesis. We further find...